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Malaysia

China data, softer pound buoy FTSE; Ted Baker slips

The FTSE 100 advanced 0.5 per cent, driven by gains in miners and oil majors Shell and BP. — Reuters pic
The FTSE 100 advanced 0.5 per cent, driven by gains in miners and oil majors Shell and BP. — Reuters pic

LONDON, Dec 2 — London’s FTSE 100 rebounded today after a near one per cent drop in the previous session, with heavyweight components boosted by upbeat Chinese manufacturing activity and a weaker pound, while Ted Baker slid on overstated inventory.

The FTSE 100 advanced 0.5 per cent, driven by gains in miners and oil majors Shell and BP.

The gains owed much to surveys of China’s factory activity, which beat forecasts with one showing the quickest pace of expansion in almost three years in November.

The pound softened after polls showed the Conservative Party’s lead over the opposition Labour Party had narrowed further, stoking exporters such as BAT to trade higher and leaving the mid-cap FTSE 250 with modest gains of 0.2 per cent.

Ted Baker slipped 10 per cent to its lowest level since March 2009 after the fashion retailer said it may have overstated inventory by as much as €25 million (RM135 million). — Reuters

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